Reading resurgence leads Bloomsbury to hike guidance
Bloomsbury said that its revenue and profit would both be ahead of forecasts for the full year due to the surge in reading over lockdown.
In a trading update, the publisher said that strong trading in its consumer division would leave profit “well ahead” of expectations of £12.1m.
Current revenue forecasts for the year, which ends in February, sit at £161m.
The firm said that second half bestsellers included Eat Better Forever by Hugh Fearnley-Whittingstall, Outlawed, Joe Biden – American Dreamer and Humankind.
It also reported impressive backlist sales of Harry Potter, Sarah J. Maas, Why I’m No Longer Talking to White People About Race, Such A Fun Age and Dishoom.
With more time on their hands due to three lockdowns, reading saw something of a resurgence in 2020.
Nielsen estimates that the number of print books sold rose as much as 5.2 per cent last year.
Bloomsbury added that its academic and professional division also continues to make good progress in line with strategic objectives.
“Our strategy of developing digital resources means we are well placed to benefit from demand from academic institutions during lockdown”, it said.